Transitioning to Providing Business Advisory ServicesNovember 21, 2017
Technology advancements continue to cause major disruption in our industry. According to WillRobotsTakeMyJob.com, you need to adjust your service offerings in order to stay relevant. You need to transition to providing business advisory services in addition to being a service provider.
That notion can strike fear into the heart of any CPA. You became an accountant to do accounting work, yet you’re hearing advice from a number of sources about moving into a consulting role.
That’s probably not what you signed up for.
But that shift might not be as scary as you think.
Myths About Providing Business Advisory Services
Rick Solomon, CPA, CEO of the Center for Enlightened Business, asserts that CPAs are well-equipped to take on these roles. In this article from Accounting Today, he addresses three perceptions typically heard regarding business advisory services:
- You have to be an expert.
- You have to have all the answers right away.
- And you have to be able to fix the client’s business.
Fortunately, none of those are true. The trick, he says, is not to have all the solutions, but to cooperatively guide your client to them. You know where and how to find the right answers for their situation. That’s something the robots can’t do.
Why Offer Business Advisory Services?
When you serve your clients in a more strategic role, you can truly help them grow. You are making a difference in their business.
Also, you can command higher fees for your business advice. When your clients see you as a partner, not just a tax preparer or auditor, they will rely on you more and continue to engage.
To establish credibility, you need to evaluate and build your personal brand, maintain healthy relationships, and nurture your referral sources. As you do this, more quality work will come your way. As you adopt these new responsibilities, you may find your professional calling goes beyond the busy season.
Find out how ABLE can smooth your transition from compliance specialist to consultant. Schedule a demo today.